Rivers State has officially approved a Medium-Term Expenditure Framework (MTEF) for the years 2025 to 2027, as announced by Governor Sim Fubara during a State Executive Council meeting on September 29, 2024. The upcoming 2025 budget is projected to exceed N800 billion, reflecting the state's commitment to enhancing government services and addressing the needs of its citizens. Commissioner Peter Medee highlighted the importance of the MTEF in guiding fiscal planning and ensuring budget accuracy, especially in light of global and national economic factors such as conflicts and fluctuating oil prices [795e82e8].
The approved financial framework aims to create an expansionary budget that will not only improve government services but also support economic growth in Rivers State. This strategic approach is designed to navigate the complexities of the current economic landscape, which includes challenges stemming from international conflicts and the volatility of oil markets. By considering these factors, the Rivers State government seeks to ensure that its fiscal policies are responsive and effective in meeting the demands of its populace [795e82e8].
In a related context, the federal government of Nigeria has been actively investing in the creative and digital economy sector, with Cross River State recently securing a $671 million investment fund. This initiative aims to bolster the creative industry, providing vital support to local entrepreneurs and retaining talent within the country. The Cross River State government is also launching the Cross River State Entrepreneurship Board to facilitate the growth of startups and small businesses in the creative sector [89ffb601].
Additionally, the federal government has disbursed a second batch of the $3.2 million Creative Fund to support projects in Nigeria's film industry, particularly Nollywood. This funding is intended to empower filmmakers and actors, enabling them to produce content that resonates with a local audience while also competing on a global scale [76057007].